I love that generational inequality can be measured in this way. It would be great to see how different policy changes in the last 50 - 60 years correlate across generation groups.
Younger people now even cutting back on essentials, as older Australians spend up on cruises and restaurants
Submitted 11 months ago by WaterWaiver@aussie.zone to australia@aussie.zone
Comments
Nonameuser678@aussie.zone 11 months ago
zurohki@aussie.zone 11 months ago
“Interest rates mostly hurt people who have big loans” is news now?
AFKBRBChocolate@lemmy.world 11 months ago
Yeah, I get that there’s a real issue now, mostly driven by wage stagnation, but younger people have always had to do more being tightening than older people, at least as long as I’ve been alive. When I first got married, we had to buy the cheapest food we could while my parents and their friends were going to Hawaii, and that was in the 80s.
morry040@kbin.social 11 months ago
A big difference, however, is that houses in the 80s were 3-4 times the average income. Now that ratio is about 10x.
Younger generations always need to work harder than older people, yes, but the major difference is that working hard these days doesn't provide the same rewards that it once did.Taleya@aussie.zone 11 months ago
yeah but how old were you when you got married?
How old were you parents?
At my age, my parents had paid off their house. Me? I just managed to get the mortgage going last year. And I earn a fuckton more than they did.
vividspecter@lemm.ee 11 months ago
And people who rent, which is a majority or significant minority depending on how you define young.
autotldr@lemmings.world [bot] 11 months ago
This is the best summary I could come up with:
Young people are continuing to bear the brunt of rising interest rates and rental pressures, while older Australians are splashing out on cruises and dining out, new spending data indicates.
Its latest quarterly report found that after spending on housing costs is stripped away, people under 30 years old are even cutting back on essentials such as food, fuel and insurance.
He says this trend reversed and a “tipping point” emerged in mid-2022 as the Reserve Bank of Australia (RBA) started hiking interest rates to tackle rising prices (inflation).
Independent economist Nicki Hutley tells ABC News that the drop in spending by this age group “must be the rental effect” because not many Australians this young have yet bought their own homes.
This divide between generational spending and cutbacks has been leading to concerns that the Reserve Bank of Australia’s macroeconomic policy is unfairly punishing younger people.
It is also more likely you’re feeling financially stressed right now if you’re in an eastern state city, such as Sydney or Melbourne, where rents are still rising after international migration hit a record high and net outflows to regional areas slowed post-COVID.
The original article contains 925 words, the summary contains 189 words. Saved 80%. I’m a bot and I’m open source!
Compactor9679@lemm.ee 11 months ago
Older people have worked all their lives… That is how it should work
Marsupial@quokk.au 11 months ago
And he’s lost all credibility. Nothing about the cinemas is a cheap time out.